Sterically hindered 3-hydroxyphenyl propionic acid esters and certain amide derivatives are known to be effective antioxidants for a wide range of organic substrates, particularly lubricants and polymers, protecting them from oxidative and thermal degradation. In general, these are prepared by the transesterification of corresponding carboxylic acid derivatives with various alcohols and amines. Various catalysts for this reaction are known, e.g. acids, bases, amines, metal alkoxides and also organotin compounds. It is economically advantageous if the reaction is carried out in the melt state without using any catalyst, or using a less expensive or improved catalyst. Moreover, it is desirable to have a reaction process in which subsequent steps for separating the desired product from the reaction mixture is not required. In some cases the formation of discolored or stained products resulting from the presence of catalyst residues reaction is extremely undesirable. Certain end product properties, such as stability, or low toxicity, are some times negatively influenced if the trace levels of catalysts are in the final product. Therefore, an alternative process without involving the use of catalysts or using improved catalysts is desirable. In our earlier patent applications, 60/370,468, Ser. Nos. 10/408,679, 10/761,933, PCT/US03/10782, PCT/US2005/001946, 60/590,575, 60/590,646, Ser. No. 11/184,724, PCT/US2005/025646, Ser. No. 11/184,716 and PCT/US2005/025513 the synthesis of poly (sterically hindered phenol) antioxidants was demonstrated from substituted phenols. These macromonomer and polymeric antioxidants showed significantly improved antioxidant activities in cooking oils, plastics, lubricants and other industrial applications compared to currently used (monomeric) antioxidants. However, the synthesis of monomers for these polymers is tedious and requires expensive catalysts.